UAE notches its position in world economic map

The UAE has attained the economic boom and welfare for its citizens, and notably consolidated its position as main player in the world economic map despite the current global crisis and financial crunch.

The UAE has attained the economic boom and welfare for its citizens, and notably consolidated its position as main player in the world economic map despite the current global crisis and financial crunch.

The UAE was ranked fifth in the world financial stability in the standard index of the World Economic Forum for Global Development in 2011. It was also classified 25th among the best world financial systems. The UAE was ranked first among the Arab countries and 19th globally in the Global Enabling Trade Report for 2012, issued by the World Economic Forum. The survey covered 132 countries.

It was also classified among the top 10 countries in the field for efficient import and export procedures and physical security.

The UAE was ranked first among the Arab countries and 26th globally out of 183 countries in the Doing Business Report for 2013, issued by the World Bank at the end of October 2012.

It also occupied the 24th place globally in the field of competitiveness, according to the report of the World Economic Forum for the year 2012/2013, which included 144 countries, while preserving its status as the only country in the list of economies that rely on creativity and innovation for the seventh year in a row.

The UAE was ranked first regionally and fourth globally in the ease of doing business, according to a report issued by the International Institute for Development Management in 2012. The country was placed fifth globally in the efficiency of government spending among 145 countries as shown by the Global Competitiveness Report for 2011/2012.

The UAE was also ranked 20th globally among the top exporting countries in the world, according to the report of the World Trade Organisation in 2012, which pointed out that the UAE’s exports in 2011 reached more than $ 285 billion out of the total world exports $18.2 trillion.

The UAE economy is open and active, and depends on the diversification of its resources based on several pillars that catapulted it to the high ranks among countries of the world, especially in terms of economy. Its economy is also based on advanced infrastructure and sustainable knowledge with the development of resources and maintenance of excellent relations with other countries at various levels.

In addition, the UAE activates the role of private sector and provides high-quality educational services, health and other services that made the UAE a global destination for companies and job seekers, besides being a favorable environment for investment from all global destinations.

The UAE’s income per capita is considered one of the highest in the world, as well as its annual trade surplus.

It was not the availability of financial resources, which was the only driving force behind the acceleration of economic development in the UAE, but also the determination and good management of resources in the context of achieving the outlined clear objectives. The UAE has achieved in a record period the positive growth rates, thanks to the world-class infrastructure, flexible economic and investment-friendly environment.

The national economy shifted from the oil-based economy to the diversified economy in which the non oil sectors contribute to more than two-thirds of GDP. All these are reflected in the standards of living and well-being of individuals. Hence, the UAE was classified by the international reports as one of the first countries in the level of well-being.

According to the report issued by the International Monetary Fund (IMF) on May 21, 2013: The state’s economy continues to grow well as the growth of GDP was about 3.1 per cent in 2013 and expected to rise to 6.3 per cent in 2014.

The report referred to the state’s success in curbing the inflation, which declined from 12. 3 per cent in 2008 to 0.7 per cent in 2012, with projections indicating that the rate will remain within the limits of 1.6 per cent during the current year.

Sultan bin Saeed Al Mansouri, Minister of Economy said, “No fears that the inflation will record a big increase this year as various economic sectors achieved impressive growth,” projecting that the inflation rate will be ranged between 1- 1.5 per cent compared to 0. 66 per cent in 2012.”

He added that the expected rates of inflation are appropriate in the light of the stabilisation of real estate prices at acceptable rates compared to previous years, noting that the inflation is not expected to rise above the expected percentage except in cases of emergency rise of the global commodity prices, which will have repercussions on the domestic market.

Al Mansouri said, “The ministry’s strategy is part of the state economic policies that have contributed to promoting the growth of the national economy in 2012 by 3 per cent despite of the crisis facing the global economy, especially the slowdown in recovery of the advanced economies, as well as the financial crisis in the euro zone”.

He underlined that the real growth of the non-oil sector during 2012, which amounted to 3.1 per cent, is a sign of efforts and positive results of the diversification of income sources and reduction of dependence on oil.

The UAE’s GDP stood at $386.4 billion (Dh. 419 trillion) in 2012. It is expected, in accordance with the preliminary indicators that the national economy growth at the domestic market will range this year between 3.5 - 4 per cent.